Rupee opens higher against US dollar

Prime News, National and International, Business, Mumbai, August 21:- The Indian rupee gained in the early trade on Wednesday. It has opened higher by 25 paise at Rs 71.45 per dollar versus previous close Rs 71.70.

The Indian rupee on Thursday furthered its loss by another 28 paise to close at a new six-month low of Rs 71.71 against the US dollar as economic uncertainties continued to weigh, reports said.

Investors remained risk averse considering a host of factors including fast-spreading economic slowdown, outlook on foreign fund outflows and weakness in most emerging market currencies, according to forex traders.

However, there are expectations that the government will soon come out with stimulus measures to arrest slowdown in consumer demand in various sectors, it added.
The dollar-rupee August contract on the NSE was at Rs 71.75 in the previous session. Open interest declined 6.18% in the previous session, said ICICIdirect. We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added. (Inputs: Agencies, NGB)

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